Though it remains as the standard rifle in Russian Army today, AK74M didn't improve much from the orignal AK74 in terms of accuracy. The NATO designs from the same period, such as AR15 family (M16), although have higher recoil and less durability, have already proven to be much more accurate and efficient for modern combat, to a degree that even rifles like AN-94 can't compete when it comes to general accuracy.
So the story hasn't ended. Russian military still needs a better rifle to balance out from those of the western designs such as FN SCAR, ACR.
This time, old competitors like AEK, AN, and other outclassed like AL-7, now AK-107, will all show up again. Also, new competitors like AK-12, the latest revision of AK74M, will be on the guest list too.
The AK74M, though with amazing short burst ability, would have a hard time to win, just like it did in Project Abakan. And its short burst ability isn't much needed in todays conflicts, as with the DMR's role becoming more and more important, assault rifles would have to depend more on long burst and full auto.